Company Valuation: Carnival Corporation

Data adjusted to current consolidation scope
Fiscal Period: November 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 19,649 12,293 18,785 32,663 33,595 37,922 - -
Change - -37.44% 52.82% 73.88% 2.85% 12.88% - -
Enterprise Value (EV) 1 43,936 42,810 46,942 58,927 58,307 61,187 59,307 58,686
Change - -2.56% 9.65% 25.53% -1.05% 4.94% -3.07% -1.05%
P/E ratio -2.08x -1.92x -251x 17.7x 12.8x 12.2x 10.8x 9.07x
PBR 1.65x 1.77x 2.77x 3.6x 2.75x 2.62x 2.33x 2.08x
PEG - 0x 2.5x -0x 0.3x 1.2x 0.8x 0.5x
Capitalization / Revenue 10.3x 1.01x 0.87x 1.31x 1.26x 1.36x 1.32x 1.27x
EV / Revenue 23x 3.52x 2.17x 2.36x 2.19x 2.2x 2.06x 1.96x
EV / EBITDA -9.05x -20.3x 11.1x 9.64x 8.12x 8.5x 7.62x 7.05x
EV / EBIT -6.2x -9.78x 24x 16.5x 13x 14.3x 12.7x 11.5x
EV / FCF -5.69x -6.48x 47.5x 45.4x 22.4x 15.3x 14.1x 12x
FCF Yield -17.6% -15.4% 2.11% 2.2% 4.47% 6.53% 7.07% 8.37%
Dividend per Share 2 - - - - - 0.5991 0.7277 0.9336
Rate of return - - - - - 2.19% 2.66% 3.41%
EPS 2 -8.46 -5.16 -0.06 1.44 2.02 2.234 2.544 3.017
Distribution rate - - - - - 26.8% 28.6% 30.9%
Net sales 1 1,908 12,168 21,593 25,021 26,622 27,856 28,825 29,963
EBITDA 1 -4,856 -2,104 4,231 6,110 7,182 7,195 7,784 8,325
EBIT 1 -7,089 -4,379 1,956 3,574 4,483 4,291 4,655 5,122
Net income 1 -9,501 -6,093 -74 1,916 2,760 3,078 3,519 3,951
Net Debt 1 24,287 30,517 28,157 26,264 24,712 23,265 21,385 20,764
Reference price 2 17.62 9.93 15.06 25.43 25.78 27.36 27.36 27.36
Nbr of stocks (in thousands) 1,131,464 1,258,272 1,265,705 1,298,972 1,313,149 1,385,140 - -
Announcement Date 12/20/21 12/21/22 12/21/23 12/20/24 12/19/25 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.98x2.28x8.81x2.07% 40.15B
16.14x4.9x12.56x1.58% 75.7B
9.89x2.29x8.54x-.--% 9.23B
464.45x1.97x12.06x - 1.32B
Average 125.87x 2.86x 10.49x 1.21% 31.6B
Weighted average by Cap. 19.37x 3.84x 11.07x 1.62%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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